Globalization & Regionalization in International Trade

10 Pages Posted: 9 Apr 2009

See all articles by Liviu-George G. Maha

Liviu-George G. Maha

Alexandru Ioan Cuza University - Faculty of Economics and Business Administration

Ramona Frunza

Alexandru Ioan Cuza University

Gabriel Mursa

Alexandru Ioan Cuza University

Date Written: April 8, 2008

Abstract

The concept of globalization refers to the growing interdependence of countries, resulting from the increasing integration of trade, finance, investments, labor markets and ideas in one global marketplace. The most important elements of this process are the international trade and the cross-border investment flows. Economic globalization has increased the specialization of workers, while the companies compete in global markets. Even globalization has recently become a common topic in academic discourse, many economists focused, from the 1980s and 1990s, in addition to globalization, on regionalization - the growth of networks of interdependence within multinational regions of the world. The recent decades are characterized by the fact that the world trade grew faster than world output, which implies that an increasing share of world GDP crosses international borders. The trend is explained, mostly, by the substantially declining of the trade barriers during the same period, as a result of successive trade negotiation rounds under the auspices of the GATT/WTO, unilateral trade liberalization and regional trade agreements. Even there are global connections between all the countries, the strongest political and economic integration is being created within a few specific regions of the world: Europe, North America and East Asia.

Keywords: globalization, regionalization, international trade, specialization, trade barriers, liberalization, economic integration

JEL Classification: F02, F10, F13, F14, F15

Suggested Citation

Maha, Liviu-George G. and Frunza, Ramona and Mursa, Gabriel, Globalization & Regionalization in International Trade (April 8, 2008). Available at SSRN: https://ssrn.com/abstract=1375116 or http://dx.doi.org/10.2139/ssrn.1375116

Liviu-George G. Maha (Contact Author)

Alexandru Ioan Cuza University - Faculty of Economics and Business Administration ( email )

Bd. Carol I no.22
Iasi, RO-700505
Romania

HOME PAGE: http://www.feaa.uaic.ro

Ramona Frunza

Alexandru Ioan Cuza University ( email )

Carol I Blvd, Nr.11
Lasi, 700506
Romania

Gabriel Mursa

Alexandru Ioan Cuza University ( email )

Carol I Blvd, Nr.11
Lasi, 700506
Romania

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